Positive signs in Canadian employment
Canada’s unemployment rate in December held steady at 7.6 per cent after declining slightly in November, according to Statistics Canada. The economy created 22,000 jobs in last month, with job gains in Newfoundland, Quebec and Ontario. Paul Ferley, assistant chief economist at RBC, said that the numbers “confirm that the Canadian economy continues to generate jobs.” Manufacturing, transportation, warehousing and natural resource jobs showed the biggest increases. Other provinces showed no change in the number of jobs created, while British Columbia showed a decline. Jobs were also lost in the construction, health care and social assistance, wholesale and retail sectors. While the numbers are slightly encouraging, economists believe the Bank of Canada will maintain interest rates at one per cent.
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